Expert Market Research’s new report titled ‘Global Account Reconciliation Software Market Size, Share, Price, Trends, Growth, Report and Forecast 2021-2026’, gives an in-depth analysis of the global Account Reconciliation Software Market accounts, assessing the market based on its segments such as component, mode of deployment, company size, operating system, industry vertical, and major regions. The report tracks the latest industry trends and studies their impact on the overall market. It also assesses market dynamics, covering key demand and price indicators, as well as market analysis based on SWOT and Porter’s Five Forces models.
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Key highlights of the report include:
Market Overview (2016-2026)
• Forecast CAGR (2021-2026): 14.6%
The adoption of bank reconciliation software, which helps to perform bank reconciliations more accurately and efficiently, is advancing the global account reconciliation software business. Due to the increase in credit card payments and the growing need to issue electronic and online invoices, end users are using bank reconciliation software. Bank reconciliation software is in high demand because it offers unparalleled flexibility, intelligence, and automation for reconciling day-to-day banking and payments. Additionally, the adoption of bank reconciliation software allows organizations to get a more accurate picture of their cash position while using fewer resources more efficiently, which further enhances the growth of the industry. .
Industry definition and major segments
Reconciliation refers to the process of reconciling monthly accounts from external sources such as financial institutions, banks, and credit card companies with internal financial accounts. A number of banks and fintech organizations use account reconciliation software to manage their accounts in their internal sales records and detect human error.
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On the basis of components, the market can be divided into:
The main ways to deploy account reconciliation software are:
• On the site
Based on company size, the market is segmented into:
• Large companies
• Small and medium-sized enterprises (SMEs)
Based on the operating system, the market can be classified as follows:
• Bank reconciliation
• Customer reconciliation
• Inter-company reconciliation
Based on its verticals, the market can be divided into:
• Retail and e-commerce
• Health care
• IT and Telecom
• Energy and utilities
• Government and public sector
Regional markets include:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Artificial intelligence is increasingly being implemented in various matching software and development projects to automate difficult matching while improving time saving and cost efficiency, which is driving the market growth. Leading matchmaking software vendors such as Oracle Corporation and SAP SE are integrating machine learning and artificial intelligence in developing advanced and innovative matching software models at a rapid pace, thereby augmenting the market growth. SAP SE, for example, launched its SAP cash application in 2018, which improves reconciliation and cash flow management using artificial intelligence and machine learning. Moreover, an increasing number of merchants are using artificial intelligence in reconciliation software to eliminate human errors in the accounting process and improve the security of banking transactions, which is driving the development of the market. It also helps merchants better understand customer transactions and increases transaction visibility, all of which are expected to drive the market growth in the coming years.
Main market players
Major market players are Broadridge Financial Solutions, Inc., BlackLine Inc., Oracle Corporation, ReconArt, Inc., Fiserv, Inc. and others.
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